AI
Wednesday, April 24, 2024 2:37:47 PM
Time to buy....$20?
SAN DIEGO, April 16, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced operating results for the year ended December 31, 2023.
2023 and Recent Company Highlights
Record full year revenues of $67.4 million, 206% year over year increase
Record Q4 revenues of $20.0 million, 154% year over year increase and highest quarterly revenue in the company’s history
Record full year EV ARC™ system production, 194% year over year increase
Positive full-year gross profit – an improvement of 9% as a percentage of revenue over 2022
Debt free and $100 million line of credit available and unused
Current pipeline $150 million, backlog of $22 million at December 31, 2023
Received $7.4 million order from the U.S. Army for 88 off-grid EV ARC™ EV charging systems – 3rd largest order in company history
Received $4.8 million order from U.S. Department of Homeland Security for sustainable EV charging infrastructure products – 5th largest order in company history
Acquired Amiga creating Beam Europe to open largest market in the world to Beam Global clean technology solutions with existing customer relationships in 17 nations
Awarded first European government supplier agreement on the UK’s Crown Commercial Service
Received first million-dollar European order for EV ARC™ solar-powered EV charging systems from UK Ministry of Defence
Received new European orders from leading telecommunications provider totaling US$1.2 million
Qualified for U.S. Federal government FedRAMP
Increased EV ARC™ base unit sales price by 8.25%
Expanded global patent portfolio:
Granted U.S. Patent for Wireless / Inductive Electric Vehicle Charging Powered by Renewable Energy
Granted European patent for Compact Transportation-Configurable EV ARC™ Systems
Granted European patent for EV Standard™ Curbside EV Charging Infrastructure product
Granted European Patent for Thermal Management Technology that Makes Lithium-ion Batteries Safer
Granted patents in China and India for Thermal Management Technology that Makes Lithium-ion Batteries Safer
Enhanced Beam global leadership team:
Judy Krandel joined Beam Global Board of Directors as Audit Committee Chair
Europe-based George Syllantavos joined Beam Global Board of Directors
Appointed Mark Myers, former nuclear navy officer, as Chief Operating Officer
Appointed Lisa Potok as Chief Financial Officer
Significantly expanded engineering expertise to further develop new product solutions for the electrification of transportation and the security and decarbonization of energy infrastructure
Significantly expanded development and manufacturing capacity to bring Beam Global products to European markets and beyond
Commenced fabrication of EV Standard™ beta products
Launched 160 mph wind-rated EV ARC™ sustainable EV charging infrastructure product line
https://finance.yahoo.com/news/beam-global-reports-record-end-230200906.html
SAN DIEGO, April 16, 2024 (GLOBE NEWSWIRE) -- Beam Global, (Nasdaq: BEEM, BEEMW), (the “Company”), the leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, today announced operating results for the year ended December 31, 2023.
2023 and Recent Company Highlights
Record full year revenues of $67.4 million, 206% year over year increase
Record Q4 revenues of $20.0 million, 154% year over year increase and highest quarterly revenue in the company’s history
Record full year EV ARC™ system production, 194% year over year increase
Positive full-year gross profit – an improvement of 9% as a percentage of revenue over 2022
Debt free and $100 million line of credit available and unused
Current pipeline $150 million, backlog of $22 million at December 31, 2023
Received $7.4 million order from the U.S. Army for 88 off-grid EV ARC™ EV charging systems – 3rd largest order in company history
Received $4.8 million order from U.S. Department of Homeland Security for sustainable EV charging infrastructure products – 5th largest order in company history
Acquired Amiga creating Beam Europe to open largest market in the world to Beam Global clean technology solutions with existing customer relationships in 17 nations
Awarded first European government supplier agreement on the UK’s Crown Commercial Service
Received first million-dollar European order for EV ARC™ solar-powered EV charging systems from UK Ministry of Defence
Received new European orders from leading telecommunications provider totaling US$1.2 million
Qualified for U.S. Federal government FedRAMP
Increased EV ARC™ base unit sales price by 8.25%
Expanded global patent portfolio:
Granted U.S. Patent for Wireless / Inductive Electric Vehicle Charging Powered by Renewable Energy
Granted European patent for Compact Transportation-Configurable EV ARC™ Systems
Granted European patent for EV Standard™ Curbside EV Charging Infrastructure product
Granted European Patent for Thermal Management Technology that Makes Lithium-ion Batteries Safer
Granted patents in China and India for Thermal Management Technology that Makes Lithium-ion Batteries Safer
Enhanced Beam global leadership team:
Judy Krandel joined Beam Global Board of Directors as Audit Committee Chair
Europe-based George Syllantavos joined Beam Global Board of Directors
Appointed Mark Myers, former nuclear navy officer, as Chief Operating Officer
Appointed Lisa Potok as Chief Financial Officer
Significantly expanded engineering expertise to further develop new product solutions for the electrification of transportation and the security and decarbonization of energy infrastructure
Significantly expanded development and manufacturing capacity to bring Beam Global products to European markets and beyond
Commenced fabrication of EV Standard™ beta products
Launched 160 mph wind-rated EV ARC™ sustainable EV charging infrastructure product line
https://finance.yahoo.com/news/beam-global-reports-record-end-230200906.html
